Evening Star Newspaper, September 20, 1925, Page 37

FINANCIAL, BOND SUMMARY FOR THE WEEK e VIOLENT ADVANCES I INHOTORSTORKS . Hydson Leads With Rise of < More Than 12 Points in Saturday Market. By the Associated Press, NEW YORK, September 19.—Vio- lent bullish demonstrations in the motor shares overshadowed all other developments in today’s brief, but ac- tive session of the stock market, which showed indications of increased public participation. Total sales for the two-hour session ran close to one million shares. Speculators for the advance pointed to reports of further improvement in business and the absence of any sus- tained strain on the credit situation a8 the basis for higher security prices. The rapid marking of the calt- money rate from 31: to 5 per cent yesterday was generally regarded as due to o temporary stringency, which probably would be corrected within a few da; No organized attempt was made to use it as an excuse for a general selling movement. Hudson Leads Motors. Hudson Motors assumed the leader- ship of the motor group by scoring a spectacular gain of 121; points to 82%, a new high record, and then slipping back to 793 on realizing. The spirited demand for this issue followed the publication of an earnings report for the third quarter, showing net of $6,926,554, equivalent to $5.24 a share, as compared with net of $8,003,624, or $6.11 a_share, for the entire year of 1924. Net for the first nine months of this year total 5,722.260, or $12.66 a sh e several reduc- tlons in car prices. General Motors was run up_nearly 4 points to a new top at 103%, and du- Pont, which has large holdings of that stock, closed 12 points higher at 187. Mack Trucks jumped 7 points to 218, and White, Jordan, Packard, Pierce-Arrow common and Studebaker preferred moved up 2 to 31 points. Ttilities Also Gain. Public utilities also commanded ®ood buying support, American and Forelgn Power, Brooklyn Edison, the Market Street Railway issues, Peo- ples’ Gas, United Railways Investment common and preferred and West Penn Co. showing net gains of 1 to nearly 4 points. Tnited States Steel common closed a point_higher at 124, but the other standard industrials failed to partici pate extensively in the upward move- ment. Baldwin closed unchanged at 123% after having crossed -125 to a new high on the current movement. Several Soft Spots. There were several soft spots, the most prominent of which was Pull- man, which broke nearly 6 points to 16214 on selling inspired by the offi- clal denial of rumors of a recapitaliza- tlon plan. Heavin 1s0_was appar- ent in Chrsyler, Detroit Edison and International Harvester. Rails failed to follow up advance, although special developed In Canadian Pacific closed 21 points higher at 1497%. Foreign exchanges disclosed some frregularity, but most of the princi-| pal European rates were firm. Exchanges Irregular. nd _sterling ruled unchanged at $4.84 516 and French francs and Ttallan lire were slightly higher around 4. and 4.11 cents, respec- tively. Norwegian and Danish krone fluctuated within a narrow range, the former ruling about 6 points lower around 21.10 cents and the latter sell- ing slightly higher around 24.40 cents. WALL STREET BRIEFS. NEW YORK, September 19 (®).— Fageol Motors Co. of California re- ports net profits of $306,771 for the first eight monthe this year, after taxes and depreciation, equivalent. after preferred dividends, to $1.34 a share on 198,696 shares of common stock. Officials stated the book value of the $10 common was $2.25 a share after allowance for the preferred outstanding, of which there are 83,122 shares. esterday’s strength which Dem: Plants of the Inland Steel Co. a operating at 80 per cent of capacity Signs of an impetus to railroad buy ing give prospect for a decided im- provement in business, President Block says, the margin of profit, how- ever, being low, due partly to high wages. e The Illinois Central has order for 1.0 American Car a Pullman Car and Manufacturing Co. Bank cléarings for throughout the country compiled by the Commercial and Chroni- cle show only a slight change from the same week last year, the total of $8,994,065,398 being a decrease of 6 per cent. New York City's transac- tions fell about 10 per cent. the week STEEL INQUIRY PICKS UP. Large Railroad Equipment Orders Expected Soon. W YORK, September 10 (#).— In steel there was a good demand for structural material and a broader in- quiry for railroad equipment, coupled | with a fairly active general business, which gave the market a show of aetivity during the week, coinciding with_earller predictions relative to probable developments. Values held steady, akhough an easler tone to scrap caused some uneasiness. Pig iron was quite active in some locali- ties and quiet in others. On the whole the demand was falr and the tone firmer. Copper remained quiet, but prices held generally steady around the 143 'level for electrolytic. MERGER ONLY DORMANT. Obis and Midland Companies Await Trumbull Audit. NEW YORK, September 19 (P).— Advices from Youngstown recelved in thé:Ainancial district indicate that the proposed merger of Trumbull Steel with Otis and Midland Steel has not been definitely abandoned, but is only dormant until the audit of the Trum- bull Co. has been completed and di- rectors have been fully informed of the situation. Truhbull direstors meet next Wednesday. 1t is pointed out that the possibility of Youngstown Sheet and Tube being interested in the property, combined with the belief that the Trumbull may be able to continue as an inde- pendent with proper financing, places the company in a better position to High, 10128 10221 102 102 28 108 10708 —1 High. Low. 98-22 96-5 28-4 99-8 98-8 99-8 o 96 8934 1095 100% 98 111 109 91 991 discuss terms than when the merger B was proposed some time ago. €HICAGO STOCK MARKET. CHICAGO, September 19.—Fair, 32%: Libby McNeill, 85%; Middle West Utilitles, 111; Swift & Co., 114%; Switt International, 30; Union Carbide, 723%; United States Gypsum, 205; Wahl, 915; | & Balaban & Katz, 78; Real Silk, 60%; United Light and Power A, 146. e T perfumes used by women of | o Foreign this country now are valued at $350,- 000 a month, more than double. that oL & year age ; & 107% 104% 1 15 High. g Low. U. 8. BONDS. High, 101-29 100-18 Liberty 3y4s 1932-47..... 100-22 . 102-30 101-1 Liberty 16t 4 101-19 100-20 Liberty 24 4 102-1 101-1 Liberty 3a 103_~9 101-20 Liberty 4th 4% 19 106-10 104-13 Treasury 44s 1947-52 7-48. . Prev. B FOREIGN. Argentina 6s A 1957 Argentina 7s 1037. Austrias £ 7s 1943 Belgium 68 1965, Belgium 7%8 1948 Belgium 88 1941. Bordeaux 6s 1984. Brazil 88 1941, 52 97% 32-47.. 102-4 101-1 10117 102-1% 106-23 100-29 101-18 1023 106-11 week's Close. E'ch. 96% 96% I 1024 102% \ 100 100 87W BT 109% 109% 107'4 107% 89v R9% 98% 984 103 108% . 102% 102% . 1024 102% Denmark 88 1948 Dutch East Indies 6s 19 Dutch East Indies 8s 19 French Govt 7%s 1941 French Govt 8s 1946 German Ts 1949. Holland-American's £ 651 Japanese 4s 1931.. Japanese 63%s 1964 Jergens Utd Margarine 6s 1947 Lyons 65 1934. Marsellles €8 1934 Netherlands 6s 197; Norway,8s 1940. Parls-Lyons-Me Queensland 6s 1947. Queensiand.7s 1941. Rio _de Janeiro 8s 1948. Sao Paulo, State of, 83 1 Seine, Dept of, 7s. .. Serbs Crotes Slovenes §s 196! Sweden 65 1939. Swiss 5%s 1946, 115% United Kingdom 5%s 1929, 104% United Kingdom 6%s 1937. INDUSTRIAL AND MISC 94% Amer Agri Chemlical 7%s 1941, 95% Amer Smelt & Ref 1st 55 1947 103% Am. Smelt 1st 6s 1942 993% Amer Sugar Refinin 96% Amer Tel & Tel cl tr 45 1929 100 Amer Tel & Tel cl tr 5s 1946 991 Anaconda Copper 6s 1953 100 Anaconda Copper cv deb 7s '38. 85 Armour & Co 4%481939. .. 97% Atlantic Refining deb 68 1937.. 100% Bell Tel (Pa) ref bs 1948 90 Bethlehem Steel p m G5 1936 93% Bethlehem Gteel s £ 63 1943. 8% 1004 994 081 108% Detrolt Edison ref ¢s 1940 9714 Empire Fuel & Gas 7%s 19 100 Goodrich (B F) 6%s1947. 109% 109% 109% 109% 44 48% 98% 9%k 100% 101 102% 108% 1104 1108 | 102% 1034 102% 108% . 100% 100% 105% 106% 934 . 93 PO% 99% 804 KO% 89% 89% 21064 106% 110 110 79% 81 104% 104 104% 106% 108% 103% . 1173% 118% 105% 105% US. . 104% 104% 984 98% 107 107% . 1021 108% 97% 9;4\ 102 102 Last. Yield. 100-20 8 40 101.23 394 100-31 388 101-16 372 102-8 394 106 16 382 Low. 96 102% 0% 86% 109 107% 88% 97% 102% 102% 102% 109% 1004 44% 97% 100% 1023% 109% 102% 102% 100% 104% 98% 106% 110 79% 108% 111% 98% 108 1% 88% 1084% 102% 17% 105 1024 9% 101 Last. 96% 102% 9% 109% 107% 9% 97% 103 102 102% 109% 109% AT% 98 100% 102% 110% 103 103% 100% 104% 987 106% 110 79% 104% 111% 97% 103'% 92 B8% 104% 103% 118% 105% 1024 7% 101% 101'% 101% 100% 101 103% 1034 89 102% 102% 925 93% 94 9% 109 109% 83 83% 99 99% 1074 107% 104% 104% 104% 105 110% 111 120% 1207 . 101% 101% Indiana Steel 65 1952. 82% Inter Mer Marine 6s1941. 7% Inter Paper 58 B 1947. .. 90 Kelly-Springfield 8s 1931 £9% Lackawanna Steel 6s 1950. 97% Liggett & Myers 5s 1951. . 99 ManatiSugar 8f7%s 1942... 87% Midvale Steel b5 1936. . . €9 New England Tel 5s 1962.. 4 112 New York Edison 1st 6348 1941 106 New York Tel 65 €6% North American Edi 3% Pacific Gas & Blec 65 1942 9215 Pacific Tel & Tel 63 1952. .. 101% Philadelphia Co ref 65 1944.... 95 Public Service 63 1944. % &8 Sinclair Oil 75 1937 106% Skelly 6%s 1927, 102 South Porto Rico Sugar 7s 1941 €33 Union Bag & Paper 6s D. 100% United Drug 6s 1944. 85 U S Rubber 1st & ret fs 1947. 104% U S Rubber 738 1930. v 44 Va-Carolina Chem 7% 1092 Western Union T\ 91% Wilson & Co 1s RAILROAD. £8Y% Atchison gen 45 1990.. . £9 Atlantic Coast Line 15 s 19 864 Balto & Ohio gold 4s 1 89% Balto & Ohlo cv 4 8 1 85% Balto & Ohlo ref 5s 1995..... 102% Balto & Ohio 6s1929. . = 83% B&OPIttsLE& W Va 45 1941. . 95% B & O Southwestern Div 5 ofs 50. 82 Brooklyn-Manhat s f 83 A 1! 116 Canadian Northern 63s 1946, 79 Canadian Pacific deb 4s.. 86% Central Pacific 4s 1949 94% Chesapeake & Ohio ev §7% Chesapeake & Ohio gn 4%s 199 Chesapeake & Ohlo cv 58 1946 443% Chicago & Alton 3%s 1950. 100t Chi B & Quincy 1st ref bs 71% Chi & Eastern Il gen . 1026 102% 101% 102 100% 100t 91% 924 . 100% 101 113% 114% 100% 103% 974% 97% 107% 107% 100% 101% 90% 974 98 95% 103% 104% 99 99 92% 92% 103% 103% 80% 904 107 107% 106% 106% 864 89 110% 110% 9% 98% 89% 89y 91% 92 89 89% 8 B3% 90% 92 102% 102% 4% 75 64% 64% 49% 50 BBl B8% 49% 650i4 49% 50 . 110% 111 83% ChiR I & Pacific ref 431334 91% Chi Union Station 4%s 1964. 116% Chi Union Station 613 1963 76% Chi & Western Ind con 48 1952... 1024 C C C & St Liref 68 A 192i 104% Cleveland Term 53%s 1972 90% Colorado & Southern 4%s 1931 83% Cuba R R 55 1962.. 101 Delaware & Hudson § 82 Den & Rio Grande con 65 D. & R. G. West 53 1955 86 _Detrolt United 4%s 1933 70 Erle 1st con 45 1996. 61% Erie gen lien 4s 11 63 Erle cv 4s A 1953, 69% Erie cv 4s D 1953, 7. v Hudson & Manhattan adj 5s 1957 101% Tilinols Central 63%s 1934. 59% Inter Rapld Transit 6s 1966 Inter Rapid Transit cv 7s 1935, €6 Inter & Great Nor adj 6s 1962 80% Kan C Ft Scott & M 48 1936. 70% Kansas City Southern 3s 1950 88% Kansas City Southern 6s 1950 97% Lake Shore 45 1928 95% Lake Shore 4s 1931 91% Louis & Nash unified 48 1940, . . 104% Louts & Nash 1st ref 5%s 2003 84% Mil Elcc Ry & Lt 1st ref 6861 %« 102% M StP & SSM 63481931 80 Mo Kan & Tex 1s 76% Mo Kan & Tex adj 7 86 Mo Kan & Tex prin 68 A 1063, . 62% Missouri Pacific gen 99 Missouri Pacific 65 194 928 N O Tex & Mex Inc 6s 1935 934 New York Cent deb 48 1934, 4 106% New York Central dsb 6s 1938, . 54 New Haven deb 4s 1957, 87 NYNHG&H cvdeb6a1d4s 59% N Y West & Boston 4348 1946, 91% Pennsylvania gen 99% Pennsylvania gen 81% Peor 97% Pere Marquette 1st 53 71 Rio Grande We: 93% St L & San Fran 6%s B 1942. 84% St L & San Fran adj 6s 1! 76% St L & S8an Fran inoc ¢a 1960, 59% Seaboard AIr Line ref 4s 1969 3% Seaboard Air Line adj 6s 1949, 84% Seaboard Air Line con 6s 1945, 96% Southern Pacific cv 4s 1929, 84 Southern Pacific col 4s 1949 87% Southern Pacific ref 4s 1956 106% Southern Ry dev $3% . 34% Third Ave adj s 1960, 90% Union Pacific 1st 63% Western Maryland 90% Western Pacific §81948..... ¢ 81K w‘a:mnmuu-.m.. 8% TB% B6% 87 93% 934 117% 117% 79 % 80 103% 108% 106 106% 107% 107% 115% 116% 100% 101% 109% 110% 9% 93 6% 764 102% 103 . 6B 65% 101% 101% 96% 97w 94 94y 100% 101% 1084 108% 59% 1350 138 384 60% €0% B4 8474 106 106% 7% 9Th 82% 83y 08% 98% 101% 102% 110% 111 79% 108% 103% 1 :0% (931 108 107% 103% 104% 107% 120% 101% 102% 845 914 101% 927% 10135 100 91 100% 118% 103% 974 107% 100% 9613 975 1038% 98% 92 111 105% 7% 108'% 8914 10645 106% 110% 97% 88% 91% 88% 92% 89% 102% 86% 117% 9% 108 108 94 864 102% 83% 64% 884 2% 63% 874 73% 107% 116% 100% 109% Ny % 102w 8 80% ‘187% 80% 8% 108% 110% 108% 107% 1044 104% 107% 120% 101% 102% 86% 914 102 94 1014 100 9% 100% 114% 103% 974 107% 101 967 9844 104% 99 92 111% 1054 97% 103% 89% 107 106% 110% 9% 89% 1% 8% 93% 92 108 87% % 117% 80 103 108% 9 8744 1024 844 6614 €84 724 64% 6T% 3% 107% 116% 101% 110 (13 T6% 192% 89% 187% 60% " ordinary to medium, 10 to 1 T8 108% 110% 9% 98% 99% 9814 99K 97% 66% 67 {71 101% 101% 9% =Ii .l.:.' .= 101% 8 101% 9T 4 Y TS INEW SSUES GRIP BUYERS OF BONDS $50,000,000 Offering Quickly Sold—Averages - Higher During Past Week. . BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 19.—Testi- mony to the strength of the inve ment demand this week came in the favorable reception accorded to ne issues. Such financing has been on & large scale, and it has all found & ready market. B The most important offering was the gSOvOOQ,WO Bell Telephone of Pennsyl- ania 5s, which, notwithstanding com- paratively low yleld, promptly went to a premium as soon as listed on the exchange. In the same way the new German Agricultural Bank 7s were oversubscribed, allotments belng cut down heavily, and these, too, com- manded a premium over the offering price in the open market. The fact that two investment opportunities dif- fering so widely in character found such ready absorption is convincing indication that the market is now in & position where new business can done successfully. Bonds Average Higher. As far as the general market is con- cerned, buyers of seasoned bonds of the strictly investment type are con- fined almost entirely to savings banks and insurance companies. The in- vidual investor, stirred by the activity and strength in stocks, is looking for something more speculative than high- grade bonds. At the same time the bond market has been very firm, and although dealings have not been par- ticularly large, prices have been well sustained. Taking all grades, the average price is a small fraction higher at the end of the week than it was at the beginning. Nor does there seem to be any rea- son to expect any lower level for bands, as a whole, in the near future. The money situation is sufficient as- surance of that. The quotation for call funds secured by stock exchange coliateral is no criterlon, but there are other indications, all pointing to reasonable ease in money. Interest in Foreign Group: Interest in the foreign situation is keen. The advance in foreign bonds, which was so prominent a character- istic of last week's market, went on much more slowly this week, but prices held firm. Probably the lull will continue until new light is to be had on the disposition of the war debts to the United States Govern- ment. On that account attention will be concentrated on the negotia- tions with the French commission which are to begin at Washington in another week. : It Is universally admitted that the French problem is the hardest one of all to solve and that If a satisfactory agreement can be reached in this case the rest will be comparatively easy. It is not easy to see how the conflicting views of the French and the American representatives in theso negotiations can be reconciled, but once that is accomplished, if it i8 accomplished, the whole foreign bond list will be stimulated. The fact that prices for French securitles have moved over 5o narrow @& range shows that traders are not inclined to_speculate very much one way or the other pending the outcome at ‘Washington. Preferred Stocks Active. One feature of the market which has aroused a good deal of comment has been the active inquiry for good pre- terred stocks, some of the more sea- soned issues of which are selling to yield but little more than bonds of the same grade. This movement is extending to the higher yielding pre- ferred issues on the theory that the advance in stocks has put behind the preferred shares larged equities. It takes & good deal of buying to make any impression upon prices, but if the present demand keeps up higher quo- tations for this kind of investment are assured. The view is commonly held that preferred stocks move with investment bonds, but the fact is that just now they are showing more sym- pathy with stocks than with bonds, Probably the opportunities for profitable purchases in this group are better in the unlisted than in the listed preferred issues and probably the matgin of safety in comparison with price is greater in the public utilitles than anywhere else. (Copyright. 1026.) BOND PRICES FIRM. Foreign Group Leads in Interest in Short Session. NEW YORK, September 19 (P).— In the face of tighter week end mofgy cohditions, bond prices maintained a firm tone today, although trading was limited by the usual Saturday abate- ment of activity. The sudden quicken- ing of call money rates yesterday was interpreted as a temporary readjust- ment of the money market and was not a serious consideration in bond operations. Considerable activity developed in the foreign group without causing much change in price. With a $30, 000,000 Argentine loan scheduled for offering next week, the present Ar- gentife loan scheduled for offering next week, the present Argentine 6 per cent issues were turned over in large volume around 96, the price at which the new bonds probably will be gold. Most of the speculative railroad llens were in demand, but Florida, Westerh and Northern 7s reacted on profit taking, invited by their. sensa- tional rise earlier in the week. —_— BALTIMORE LIVE STOCK. BALTIMORE, Md., Beptember 19 (8pecial)—The general live cattle market rules stéady, but quiet on most 1ines, with receipts only fair of top-grade stock, but ample of common to ordinary cattle, with values in buyers’ favor on this sort. Desirable size Spring lambs and veal calves meet with ready sale, but it tak smooth stock to bring outside quota- tions. Hogs and pigs in better Te- quest, and values rule a shade higher. Quhmum- today at Light Street wi t Beef_cattle, first %uuty. 9 to 10; common to medium, 6 to 8. Bulls, as to quality, 4 to 6. Cows, choice to fancy, 4 to 8; common to fair, 2 to 8. Oxen, as to quality, 4 to 6. Milk cows, cheice to fancy head, 50.00 to 75.00; common to fair head, 30.00 to 50.00. Calves, veal choice, pound, 183% to 14; rough Small culls, § and common, 6 to to 8. Sheep, choice, 5 to 6; old bucks, 3 to 4; common, 2 to 3. Lambs, 8 s choice, 14 to 14%; fair to good, 12 13; common, thin, 8 to.10. Hogs, straight, 13 to 14; sows, 10 to 12; and boars, b to 7. Live pige, 14 to 16. Shoats,.10 to 12, BOSTON WOOL MARKET. BOSTON, September 19 (Special)— Raw wool markets closed the quietly, with worsted mills still buyers. Prices were ‘with dealers [ s b 18 8 | tributing SEPTEMBER 20, 1925—PART 1. LOCAL BANKER TO HELP SELECT A. B. A. OFFICERS FOR NEXT YEAR John M. Riordon to Play Important Part at Atlantic; City Convention—Drive for Education to Be Feature—Notes. BY CHAS. P. SHAEFFER. To John M. Riordon, cashier of the Bank of Commerce and Savings, goes the honor of representing the District of Columbia in nominating a candi- date for president and first and sec- ond vice presidents of the American Bankers’ Association at the annual convention of the national body to be held in Atlantic City beginning on Monday, September 28. This signal compliment to Mr. Riordon’s judgment and thinking ma- chinery 1s a gift from the local bank- ers’ assoclation, whose prerogative it is to select a member to serve on the nominating committes. The commit. tee will meet in the library of the Traymore Hotel on Tuesday, Septem- ber 29, and nominate candidates to gulde the destinies of the American bankers for the next 12 months, the actual electlon of these nominees ing a mere formality. Mr. Riordon has been vested with authority to follow his own judgment in_the matter of nomination: In 1876 the American Bankers’ As- soclation was organized and a patt of its golden anniversary celebration, which will be noted at the forthcom- ing convention, will be the loundlni‘ot an educational endowment fund. The purpose is to establish at least one scholarship in economics in every State and Territory of the Unlon. To create 50 such scholarships annually will require endowment funds aggre- gating $260,000. It is proposed to raise an additional sum of $260,000 by general subscription campaign for the creation of further scholarships in certain States in accordance with thelr educational facilities, making a total of $500,000 for the entire plan. Institute to Assist. The American Institute of Bank- ing, which was organized 25 years ago, proposes to aid the parent in- stitution by contributing to this fund through membership subscription. F. M. Totton, trust officer of the Chase National Bank, and vice chairman of the committee of 25 engaged in rais ing this fund, says: ““As a part of our silver anniversary celebration some of our leaders have thought it fitting that our 170 chapters throughout the country shoyld raise an amount cor- responding to a dollar for each mem- ber, and present it to our parent or- ganization to be used as a part of the endowment fund on the occasion of its golden anniversary. The quota of New York Ohapter is $5,000, suffi- cient to endow one scholarship. The committee of 25 is inviting members to join in giving expression to our appreciation of the assistance the American Bankers' Assoclation has given the institution in the past. If every member of the American In- stitute of Banking gave §1 we would have over $50,000, or 10 per cent of the total fund. Of course, members can give more than $1 if they so desire. The New York Chap- ter conslsts of about 5,000 members.’ Movement Is Praised. Stephen L. Miller, educational di- rector of the American Institute, says: “When 25 years ago the American Bankers' Assoclation sponsored the American Institute of Banking, it subscribed to the cardinal principle that training and preparation were an essential part of the banker's re- quirements. Such an interpretation individualized banking organization and administration, making it pos- sible for the man down in the ranks to have greater confidence in his fu- ture, In 1920 the American Bankers’ Association took a second step in the recognition of education in economics Building Activity Forecast to Last More Than Year By the Associated Press. NEW YORK, September 19.—Con- tinuation of the present rate of activ- ity in the building industry for at least another year is forecast by the Atlantic State Shippers’ advisory board. Reports recéived from compahies manufacturing cement, iron and steel, clay and clay products, lumber, crushed stone, paint, sand and gravel, slate and roofing materials indicate that the erection of private homes, apartment dwellings and office build- ings in suburban cities and small towns is the specific development that will hold the building industry up to its present high level for the Dext year. —_ e CLOTH SALES ACTIVE. Finished Goods in Best Demand During Week for Over Year. NEW YORK, September 19 (#).— Cotton cloth markets were much less active today than on any day this week. Prices showed no change. A few 64x60s print cloths sold at 8% cents through January, February and spots at 9% cents. The finished goods market experienced one of the best ‘weeks in over a year. Denims, cambrics, shirtings, work clothing materials and other speclal- ties, including sheetings, did remark- ably well better than has been their lot for a long time. Sheeting prices have advanced % of a cent to % of a cent since Monday and print cloths % of & cent to half cent. e WHEAT CLOSES LOWER. Corn, Oats and Rye Also Drop in Saturday Market. CHICAGO, September 19 (#).—8ell- ers outgeneraled buyers in the grain markets today, but chiefly so as to other cereals than wheat. The faot that wheat prices were on about an import basis for wheat from gave something of an adi Meanwhile corn, rye lacked support and all three went down to below previous bottom prices for the season. After numerous changes within a limit of 2%¢, wheat closed easy at the same as yes X finleh to Sc lower, December 1.5 with corn % oft and provisions unchanged to higher. 3 1 —_—— SELLS PART OF PLANT. Groton Iron Works Company Makes Deal With New York Firm. , also will include a whatrt feet of water front. purchasers will erect a dis- station, tanks and pipe lines new._ site will be the dis- of the 50/ JOHN M. RIORDO] and banking as an essential requir®: ment for both citizenship and the pro- motion of financial service. I refer to the public education commission with its organization reaching into every State of the Union. Again the in- stitute member has been made a ‘vital part of this plan to make the services of the bank better understood by the public.” Writes Magazine Article. Appearing in the current edition of the Bankers’ Monthly is an Interest ing discourse on “A campaign that rented boxes in our riew safe de- posit,” prepared by Frederick P. H. Siddons, manager of the new business department of the American Becurity and Trust Co. The article gives new and detailed information on this present acute problem. Average Costs of Lights. “The average American family spends for electric light and power service less than 1% cents of each dollar of living expense,” says M. H. Aylesworth, managing director of the National Electric Llght Associa- tion, In_a summary of the year's work of the assoclation, recently given In a report at the forty-eighth convention of the National Electric Light Association in San Franclsco. Notwithstanding this tiny expendi- ture for electricity by the average family, the aggregate gross income for electric light and power in the United Btates during the last year, Mr. Aylesworth says, was one and one- half billion dollars, and yet this huge sum is only 20 per cent of the total investment of the industry, which at present is conservatively estimated at_$7,000,000,000. Mr. Aylesworth again points out the notable fact that more than 95 per cent of all electric light and power service of the United States is un- der eo-called private ownership, which accounts for the tremendous development of the industry. Reguiar Dividend Voted. Directors of the American Security and Trust Co. have declared the reg. ular quarterly dividend of 3 per cent, payable on_ October 10, the books closing on September 30. Week’s High Spots In Wall Street Show Big Gains By the Associsted Press. NEW YORK, September 19.—A wild outburst of bullish enthusiasm in the stock market, which lifted the industrial average to the highest level ever recorded and the rallroad av- erage to the highest figure since the war, and a sharp increase in new bond offerings were the outstanding f‘e;mm of this week’s financial mar- s, Commodities prices also displayed arising tendency with an advance in plg iron prices as one of the most -lgnll(flmnt trade developments of the COTTON MARKET WEAK. Saturday Session Closes With Mod- erate Declines. NEW YORK, September 19 (#).— The cotton market was less active with fluctuations correspondingly nar rower. After selling off to 24.51 early, December rallied to 24.84, but lost part of the advance, closing at 24.57, with the genefal market closing steady at net declifies of 1 to 9 points. Private cables from Liverpool re: ported trade calling in that market th}:'r helped to absorb liquidation and ng. No more private midmonth crop re- goru ‘were issued. The average of the ve private condition figrres so far published is 53.4, and of seven private crop indications, 13,556,000 bales. HEAVY STEEL OUTPUT HELPING B. & 0. TRAFFIC Special Dispatch to The Star. BALTIMORE, Beptember 19.-In- creased steel production in Pitts- burgh,. Youngstown and Wheeling districts served by the Baltimore and Chio Rallroad is expected to givi still furthur stimulus fo the traffo movement of that railroad, which al- ready is showing marked Improve- ment as a result of thé anthracite sicike, teel fngot production in August showed ah 11 per cent gain nver"{he previous month, and latest trade ad- Vices are to the effedt that production has increased still further during the first half of September. ONE LITTLE QUESTION-y: FINANCIAL, RECODS SASHED N CORB HURSET Extent of Advances During Week Never Equaled in Same Period. By the Associated Press. NEW YORK, September 19.—The strenuous forward movement in the curb market that had been in progress for the past few days was continued without abatement in today's short session. New top records were estab- lished in several high-priced issues, with the advances accompanied with considerable heavy trading. The outstanding upturn was made in Carolina Power, which rose 29 points from the previous closing, sell- ing to 445. Natlonal Power improved about 7 points and Miller Rubber rose to & new high at 209. Ofl shares were in better demand at gradually rising quotations. AM Records Broken. All previous records for the extent | of price movements were pased on the curb last week, a long list of stocks making gains ranging from 10 0 40 points, which were offset in part by declines in other issues. Public utilities again came into prominence. American Light and Traction advanced 20 points to 236, and National Power rose 37 points to 879, both new high records. United Light “A” moved up 12 points, to above 147, and Carolina Power rose 60 points to '445. Singer Manufacturing advanced 35 points to 322. Many industrial issues were estab- lished ‘at higher levels, among them being the “B” shares of Armour & Co., Gillette Safety Razor and Miller Rub- ber. Coal stocks showed a better tone, and there was active trading for a time in the motor stocks. Radio is- sues came into prominence partly be- cause of the radio exhibition in’ this city and the publicity efforts in con- nection with plans for Fall business. The market for the oil stocks was called on to stand the suspension of dividend payments on Prairie Oil, which dropped over 4 points to below 46, but after that movement was in steady demand and recovered part of its loss. BALTIMORE PRODUCE. BALTIMORE, Md., September 19 (Special)—Receipts of native and nearby strictly fresh eggs continue very light, and, as a consequence, the general market rules firm and values higher, closing today at 37 cen a dozen for firsts in free cases, an in- crease of 2 cents over opening prices on Monday, for choice freshly gath- kred eggs. A good demand prevails and on offerings of such quotations have been exceeded to some exte @8 buvers do not hesitate to pay premium when they find what they | want, but are slow to take hold of anything of doubtful quality. Careful grading and prompt and fre- quent shipments are advisable to real- ize best results. The general live poultry market rules steady to firm, but prices are expected to ease off to some extent next week, with a fair demand prevailing for fat old hens from the Jews for their next holiday | September 28. Large Spring chick- ens, 21 pounds and over, meet with ready eale at 31 and 82 cents a pound, while medium, 2 to 2% pounds, are in fairly good request at 28 to 30, but smaller chickens are slow sale at 25 and 29. Leghorn Springs sell mostly 23 to 28, as to quality and condition, while black Minorcas will not bring over 20 to 25. OId hens, 43 pounds and over, are bringing 29 and 30, and medium, 24 to 28, but small, thin hens and Leghorns are slow sale.at 18 to 20. Demand for old roosters better, and values rule a shade higher at 17. Large fat ducks in fair demand at 22 and 24, but small and poor are not wanted even at 20. Guinea fowl in light receipt and wanted at 70 and 80 cents each, but birds under 11 pounds are not wanted. Pigeons hold- ing firm at 25 and 30 a pair for both young and old. Demand for whité potatoes shown some improvement the past week and as a consequence the mar- ket rules firmer and values a shade higher, with preference being shown for round stock over long potatoes. Movement good generally at 2.00 to 2.95 per 100 pounds, and 75 to 1.00 for No. 28 and culls. Hundred-and-fifty pound sacks round potatoes bring 3.25 to 3.60, long 3.00 to 3.25 and No. 2s and culle 1.25 and 1.50. Sweet po- tatoes and yams in more liberal re- celpt the past week and under a limited démand values rule a shade lower at 3.00 to 3.50 a barrel and 1.50 to 2.00 for No. 2 stock. Native and nearby garden truck continues in ample receipt with de- mand easily satisfled. Values show little change from last week at the following quotations: Stringless green beans, 75 to 90 a bushel; beets, 2.00 to 8.00 per hundred; carrots and cab- bage, 2.00 to 4.00 per hundred; corn, 10 to 20 dogen; cucumbers, 40 to 650 basket; eggplants, 20 and 25 basket; 125 to 2.60 per hundred pound@s; peppers, 25 to 35 per basket; spinach, 356 and 40 basket; squash, 20 and 26 basket; pumpkins, 5.00 to 12,00 per hundred; tomatoes, 20 to 35 hamper, and 25 and 35 a bushel for packing stock. ‘With the exception of apples the season for native and nearby green frults is nearly over, with only water- melons and peaches holding their own and values showing an increase. Extra select melons will bring 40 and 60 each, selects 30 and 35, and primes 20 and 25, while culls are not wanted at any price and will not bring freight charges. Peaches are bringing 2.50 and 3.50 a bushel. — WEEK END BUTTER PRICES, CHICAGO, ~September 19 ().— Butter steady; receipts, 1,160 tubs creamery extras, 4634; standards, 451 extra firsts, 4434a45; firsts, 42ad43i;; seconds, a41%. Eggs unchanged; receipts, 8,187 cases, —_— FLOUR UNCHANGED. MINNEAPOLIS, September 19— Flour unchanged to 5 cents lower at 8.50a8.75 @ batrel. Shipments, 48,809 barrels. has Money to Loan Secured by first e o, Prevalling intirast and mcommr ot Joseph I. Weller ¢ e L e NV ental Trust Company Capital One Million Dollars 14th & H Streets WM. H. KYLE Loans—Insurance Room 21—1410 G St. N.W. M. 6193 I have some excellent First and Second Trust Notes for ale WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than any other National Bank in Washington i Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank | l4th and G Streets Resources $17.000,000 GOLDEN DONALDSON, PRESIDENT When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 51% and 6% INTEREST Before Placing or Renewing Your Ist or 2ad Trust Consult WELCH, Realtor Loan Specialist Quick Replies Reasonable Charges 15th & N. Y. Ave. M. 43464347 MONEY TO LOAN ON REAL ESTATE 1t and 20d Trusts on Improved Property ‘ Loans Lowest In Rates N. L. SANSBURY CO., INC., 1418 Eye St. N.W. Main 5901 When You Have Funds to Invest, Consult WELCH, Loan Specialist Established 1899 61% and 7% Real Estate Notes for Sale in Amounts from $250 up to $1,000 or More. Consult Welch, Realtor Loan Specialist 15th & N. Y. Ave. Main 4347 FIRST MORTGAGE INVESTMENTS 6% CHAS. D. SAGER 924 14th Main 36 First Mortgage Notes For Sale In Denominations of $100, $250, $500, $1,000 AND UP 637 Interest Secured on D. C. Real Estate Wm. H. Saunders Co., Inc. Established 1887 1433 K St. N.W. WE FINANCE —all classes of income-producing property Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. For Investors 1% First Mortgage . Notes Denominations of $100 and Up— All Details Given Prompt Attention See Mr. O’Donnell, Mgr. Mortgage Department 14th & K _Property Management Thirty - two years’ experience coming in Have you money to invest where it will be safe and produce the high- est current rates of interest? | Then sec. us about our First Mortgage Real Estats Securities. N385 14th Street NW. Main 2345 contact with all phases of this business specializing in the Management of Apartment Houses ~—enables us to render owners an efficient service. B.F.SAULCO. Main 2100 925 15th St.